Millennials & Gen Z Changing Consumer Preferences
Several studies by Infinium Global Research have shown that Millennials are building a pathway towards a sustainable future. They are the most concerned generation about sustainability to date. Gen Z endures the passings from the trendsetters, and together, these generations are dominating the world.
They yearn to live a meaningful life of actual significance, and not just make a living for themselves. They are concerned about world problems, such as climate change, animal cruelty, and extinction, etc. Most veganism, gender equality, equal rights, and sustainability campaigns and parades are organized and run by them. They seek to bring a change in the world. They can imagine a natural and better future than the previous generations ever could.
They assess and value intention over short-term benefits. This perspective has led the youth consumer preferences to change. From basic necessities to luxury styles, millennials prefer spending extra on products and services that are made from sustainable product offerings and on brands that are recognized to be responsible socially. Watching their footprints, Gen Z continues to buy goods and services from sustainable and vegan-friendly brands.
Considering the entire world is facing difficulties such as changing climate conditions, energy depletion, destruction of biodiversity and other natural resources, it has become an integral responsibility for everyone to pave a path towards a sustainable tomorrow.
The younger generations have switched to healthier practices in order to bring a change, and not just talk about it. Millennials avoid the use of plastic packaging and have promoted the shift to more sustainable fabrication processes that include agricultural waste, corrugation, clothes, jute, etc. This change seems small but creates a huge impact as these are the things used in our daily lives, on a large scale.
The luxury fashion brands such as Tommy Hilfiger, Gucci, Chanel, and many more brands have realized the altering consumer preferences and started working with faux leather instead of natural leather, which is made by vegan processes that are polythene or plant-based instead of animal skin extraction. Along with the fashion industry, leather is being used the most in the automotive sector. Many automobile giants have adopted vegan leather composition for their cars, to keep up with consumer interests.
Every industry domain is realizing the changing consumer inclinations and is leveling up to the millennials’ requests. The companies resisting this change are likely to be outgrown in the coming future.